If you’re thinking about buying your first home, then you might be exploring the range of mortgages and government schemes available to you.
What is the First Homes Scheme?
Introduced by the government in 2021, the First Homes Scheme was created to help first-time buyers step onto the property ladder.
With First Homes, you can buy a brand-new Woodall home at a discount of 30 per cent of the market value, up to a maximum price of £250,000, after the discount is applied. The scheme means you will have full ownership of your home with just 70 per cent left to pay, but buyers must be able to get a mortgage that covers at least 50 per cent of the property after the discount has been applied.
Who qualifies for the scheme?
Available on select Woodall Homes developments, subject to availability, the First Homes Scheme is designed to support first-time buyers with an income of under £80,000. To qualify for the scheme, you will also need to meet local eligibility criteria set by the local authority, such as having a local connection or being a key worker.
The First Homes Scheme aims to benefit local communities for years to come and any discount you receive will apply to the home forever, meaning that generations of new buyers will continue to benefit every time the property is sold.
However, this does not mean that you can’t profit from your house sale in the future. As house prices could continue to rise going forward, you may be able to sell your new home for more than the initial sale price and as a result, make a profit on the 70 per cent of the property you paid for.
Other ways to buy with Woodall Homes.
We offer a range of ways to buy with us from the First Homes Scheme to personalised incentives. Find out more details on our Ways to Buy page here: https://woodallhomes.co.uk/ways-to-buy/